May 22, 2017

Consumers Don't Trust You

Pretty much every presentation on marketing technology now starts with rising customer expectations for personalization. Fair enough, but what else is on their minds? Maru/Matchbox, whose business is customer marketing insights, finds that trust is eroding in pretty much everything (yeah, we knew that) and one result is stalled growth in the sharing economy (that one is news to me). Back in unsurprising territory: Millennials participate much more in the sharing economy than their elders.

Lack of trust is followed by active hostility to established institutions – something else you might have noticed in recent days. Sure enough, the Clear strategy group at M&C Saatchi found that 86% of U.S. consumers now seek brands based on attributes instead of status, up from 75% in 2011. Vulnerability varies by industry, with infant formula, gin and whiskey (overlapping categories in my household) topping the danger list. Household cleaners, laundry detergent, and toothpaste at the bottom. Clear says they’ll send a copy of the study if you ask them, but don't take my word for it.

People who don’t trust anyone else want more control for themselves, right? Sure enough, that’s what integrated communications firm Finn Partners found when they asked consumers about smart technologies. People were more enthusiastic about smart home appliances than self-driving cars, which only means they haven’t read enough science fiction about renegade vacuum cleaners. Ever pragmatic, they were three times more likely to cite cost than privacy as an obstacle to smart home tech. Finn will also send a copy of the study on request.

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